Corbion: margin at 18.8% in third quarter, declining to 15.7% over nine months
Corbion published on October 28, 2026 accounts with two readings. Over nine months, the adjusted EBITDA margin declined to 15.7% compared to 16.3% a year earlier. In the third quarter alone, it reached 18.8% compared to 15.9%, supported by volume growth in both segments of the group.
The Dutch ingredients group also maintained its 2026 annual guidance. It ended the process of divesting its stake in the TotalEnergies Corbion joint venture, judging that the offers received did not reflect the value of the business.
Sales up 9.3% in third quarter, driven by volumes
Over the first nine months of 2026, revenue reached €971.6 million, compared to €957.2 million a year earlier. This represents an increase of 1.5% on a reported basis and 3.9% on an organic basis, with a volume/mix component increasing by 5.3% and prices declining by 1.4%.
The third quarter marked an acceleration. Sales amounted to €340.5 million compared to €311.6 million, up 9.3% (+7.6% on an organic basis). The volume/mix effect reached 7.9%, while the price effect was limited to -0.3%.
Adjusted EBITDA follows the same pattern. It declined by 2.2% over nine months, to €152.9 million compared to €156.3 million, while growing by 3.5% on an organic basis. In the third quarter, it reached €64.1 million compared to €49.7 million, an increase of 29.0% (+28.2% on an organic basis).
Quarterly improvement driven by costs and omega-3 prices
The adjusted EBITDA margin for the third quarter stood at 18.8%, compared to 15.9% a year earlier, an increase of 290 basis points. Over nine months, it remained below the prior year at 15.7% compared to 16.3%, a decline of 60 basis points.
According to Chief Executive Officer Olivier Rigaud, the quarterly improvement stemmed from cost reduction initiatives, operational efficiency gains, and higher DHA omega-3 prices. This increase resulted from rising fish oil prices and supported the mix component of the Health & Nutrition segment.
The executive noted that sales growth, which was widespread, was more pronounced in Health & Nutrition due to an anticipated shift in Nutrition volumes from the first half. In Functional Ingredients & Solutions, demand for natural preservation solutions remained strong in the Food business, and Biochemicals extended its first-half growth.
Operating income shows the same divergence between the two periods. It stood at €81.4 million over nine months, down 10.9% (-2.0% on an organic basis), but reached €39.3 million in the third quarter compared to €27.9 million, up 40.9%. Free cash flow amounted to €57 million.
2026 guidance maintained, stake in TotalEnergies Corbion retained
Corbion ended the process of divesting its stake in the TotalEnergies Corbion joint venture, linked to its PLA business. According to Olivier Rigaud, the process generated interest from potential buyers, but the proposals received did not adequately reflect the value of the business, its strategic position, and long-term potential.
Management now believes that continuing to develop this business constitutes the best path to maximize shareholder value. This decision comes following the announcement on October 2, 2026, of Olivier Rigaud's departure in May 2027, with the supervisory board having initiated a succession process.
For the full fiscal year, the group maintains its 2026 guidance. It is based on its performance since the beginning of the year and on the visibility provided by its fourth quarter order book, following a third quarter that generated €64.1 million in adjusted EBITDA, with a margin of 18.8%.
